Ixigo, Bansal Wire get SEBI nod to float IPOs; Oyo, Raghuvir Exim withdraw draft papers

IPO News

Travel aggregator Ixigo's parent firm LE Travenues Technology, and stainless steel wire manufacturer Bansal Wire Industries have received approval from the capital markets regulator SEBI to float IPOs. However, Oyo operator Oravel Stays, and Raghuvir Exim have withdrawn their draft papers.

The SEBI has issued observations on the draft papers of the Le Travenues Technology IPO on May 14, and Bansal Wire Industries' public issue on May 17, according to the processing status of draft offer documents published by the regulator.

In SEBI parlance, the issuance of observations on the DRHP means the company can launch its IPO within one year from the receipt of observations letter.

SAIF Partners, and Peak XV Partners-backed parent firm of travel aggregator Ixigo had filed draft papers on February 14 this year for the fund raising via initial public offering. The IPO comprised of a fresh issuance of equity shares worth Rs 120 crore, and an offer-for-sale (OFS) of 6.67 crore equity shares by the existing shareholders.

SAIF Partners India IV, Peak XV Partners Investments V (formerly known as SCI Investments V), Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC are the selling shareholders in the OFS.

Axis Capital, DAM Capital Advisors, and JM Financial are the book running lead managers to the issue.

Further, Bansal Wire Industries, the country's second largest steel wire manufacturing company that filed draft red herring prospectus (DRHP) on January 18 this year, is planning to raise Rs 745 crore through its initial share sale. The IPO consists of only a fresh issue with no OFS component.

The New Delhi-based company will utilise fresh issue money for repaying debts, working capital requirements, and general corporate purposes.

The merchant bankers appointed for the issue are SBI Capital Markets and DAM Capital adviors.

Meanwhile, Softbank-backed budget hospitality chain Oyo operator Oravel Stays has withdrawn its IPO papers on May 17.

According to the sources, Oyo is planning to refile draft papers for its much-awaited IPO after the bond issuance. The global travel tech player is close to finalising its refinancing plans to raise up to $450 million via sale of dollar bonds, sources told Moneycontrol on May 18.

As per the DRHP filed with the regulator in September 2021, Oravel Stays had planned a fund raising of Rs 8,430-crore via IPO which comprised of fresh issue of Rs 7,000 crore worth shares, and an OFS of Rs 1,430 crore worth shares by the existing shareholders.

Further, textile company Raghuvir Exim, which had filed draft papers on March 31 this year, has also withdrawn those papers on May 13. The IPO was a mix of fresh issue of 1.4 crore equity shares, and an OFS of 45 lakh equity shares by promoter Sunil Agarwal.

Meanwhile, the regulator has returned the DRHP documents of Vasuki Global Industries, which offers procurement and processing solutions for imported and domestic coal, on May 16. It was planning to raise funds via IPO comprising only a fresh issue of 1.4 crore equity shares.